Oprah: Did you feel bad for Conan at any point?
Jay: I did. I felt really bad for Conan. I think it's unfair, but TV is not fair. I thought it was unfair for me...
Oprah: You felt bad for Conan, but you didn't think you were the reason that he should be feeling bad.
Jay: No, I wasn't the reason. The reason was the ratings.
Oprah: Do you have regrets?
Jay: Oh, yeah, I do have regrets. I regret that it wasn't handled better. I'm just not sure what I could have done differently.
Oprah: Lots of people say you could have walked away.
Jay: Well, again, but by walking away, that is an ego decision. That is me going: "No, goodbye everybody. You know something? I'm fed up with this. You all fend for yourselves. Good luck finding jobs. I'm out of here." To me, that's the ego decision. Not the other one.
Oprah: Is there a bigger lesson in all of this?
Jay: The key is not to be bitter, and I think Conan said it best when he said, "Don't be cynical."
The cameras kept rolling after the show! Watch Oprah's 30-minute discussion about the Tonight Show controversy.